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Under current law, as of March 16, the Treasury will be at the statutory borrowing limit and will need to use so-called extraordinary measures to continue raising cash. Those measures would probably be exhausted by October or November.

On Friday, March 6, CBO will release its updated 10-year baseline projections of federal spending, revenues, and budget deficits reflecting new information obtained since the January release of the Budget and Economic Outlook: 2015 to 2025.

In calendar year 2014, ARRA—which was enacted in 2009—raised real GDP by between a small fraction of a percent and 0.2 percent and increased the number of full-time-equivalent jobs by between a slight amount and 0.2 million, CBO estimates.

CBO turns 40 on Tuesday, February 24 and is commemorating the event with a panel discussion about CBO's past and future featuring all seven former CBO directors. The event will be held on February 24 at the U.S. Capitol Visitor Center from 1:00 p.m. to 3:30 p.m. Join the conversation on Twitter using the event hashtag #CBOat40.

CBO’s forecasts generally have been comparable in quality to those of the Administration and the Blue Chip consensus, with large errors by CBO tending to reflect difficulties shared by other forecasters.

Businesses have become increasingly likely to choose the organizational structure that offers more favorable tax treatment. As a result, revenues are lower than they would otherwise be, but incentives for investment are probably greater.

For the latter half of its 10-year projection period, CBO projects that actual output will grow at the same rate as potential output but fall short of potential output by about half a percent, on average—matching its long-term average gap.